Growth in Central Florida continues to barrel forward, powered by double-digit increases in overall land values in Apopka, St. Cloud and much of Lake County, according to new reports from the region’s property appraisers.
Recently released “Best Estimates of Taxable Values,” annual reports the elected appraisers are required to provide to taxing authorities, show rising property values and billions in new construction have helped boost county tax rolls across the region over the past 12 months.
“I don’t see it slowing down.” said Orange County Property Appraiser Amy Mercado. “We’ve been pretty stable all along.”
Mercado said the best estimate of Orange County total market value for 2024 is $330.6 billion, up 5 percent from $313.9 billion in 2023. That includes $5.9 billion in new construction.
Total residential property values in Orange County rose about 9%, or $13.9 billion, to a new record high of $166.9 billion.
Apopka, the county’s second-largest city, boasts the greatest percentage increase in total taxable values from 2023, up 21% to $7.17 billion. Mercado said the total includes $403 million in new industrial construction and $155.6 million in new apartment construction. Orlando, by far the region’s largest city, is up 5 percent year over year.
Elected appraisers in neighboring counties noted similar upward trends over the past year.
“Osceola County continues to be one of the fastest growing counties in the nation,” said Property Appraiser Katrina Scarborough, whose office added 6,500 new residential units to the tax rolls in 2023 and more than $2.5 billion in net new construction.
Hot spots include the city of St. Cloud, where the tax roll grew about 15%, “but it’s really everywhere,” she said.
Her office estimated a market value increase for the county as a whole of 11.67% over 2023, down slightly in percentage from a year ago.
“But people are still moving here and we have the land to grow,” she said.
In Lake County, over 8,000 new homes were added to the tax rolls in 2023, Property Appraiser Carey Baker said. Lake County’s total taxable values rose 14.8% and total taxable values rose by double digits in 11 of its 14 cities.
“Lake County is growing at a stunning rate,” the former state senator said. “This total taxable value is absolutely the highest property values in Lake County’s history. New construction represents the driving force of additional value added to the property tax roll.”
Baker said the high growth “should allow our taxing authorities the room to adopt a reduction in their property tax rates. ”
The best estimates are used by counties, municipalities and other taxing authorities to prepare budgets for the next fiscal year.
The tabulations reflect market values as of Jan. 1 and offer a glimpse at growth over the past year.
Source Agencies
